Universities Superannuation Scheme (USS) began operating in 1975 and is one of the largest private sector pension schemes in the UK with assets of over £50.2bn at 31 March 2016.
USS is the principal pension scheme for academic and comparable staff in UK universities and other higher education and research institutions with 354 scheme employers participating in the scheme.
USS Limited is the Corporate Trustee (the trustee) of the scheme and holds scheme assets on trust to apply them for the purpose of paying pensions and other benefits under the scheme rules. For more information about how the scheme is run can be found here.
USS has historically been a scheme which offers Defined Benefit (DB) pensions (comprising the now closed Final Salary and continued Career Revalued Benefits section). Since 1 October 2016 a new Defined Contribution (DC) section was introduced. As a result, USS is now DB/DC hybrid scheme. If you are a member of USS, you can find out more detail about the scheme on the USS website.
If you are a scheme member and would like details of your pension in USS please contact your HR department or USS directly. Contact details for USS can be found here.
Every three years’ schemes must undergo a valuation in line with pension law. The Universities Superannuation Scheme (USS) is required to carry out its valuation as at 31 March 2017 and the outcome of this should be submitted to the Pensions Regulator by 30 June 2018. Over the coming months, USS in conjunction with employers (through Universities UK) and scheme members (through the University and College Union), will work to understand the scheme’s funding position and in particular determine what has changed since the last valuation in 2014 and the implications of these changes.
For EPF updates on the valuation please click here.